COMPANY PRESENTATION December 2016

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DISCLAIMER FORWARD-LOOKING STATEMENTS & INFORMATION

This presentation contains forward-looking statements and forward-looking information within the meaning of

applicable securities laws. The use of any of the words “expected'', “budget”, “scheduled”, “anticipated”, “outlook”, “is

estimated”, “forecasts”, “potential”, “continues”, “may”, “will”, “positioned”, “possible”, “believe”, “intends” and

variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to

identify forward-looking, information or statements. Forward-looking information is based on the opinions, expectations

and estimates of management of Pyxis Tankers Inc. (“we” or “our”) at the date the information is made, and is based

on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause

actual events or results to differ materially from those projected in the forward-looking information. Although we believe

that the expectations and assumptions on which such forward-looking statements and information are based are

reasonable, you should not place undue reliance on the forward-looking statements and information because we

cannot give any assurance that they will prove to be correct. Since forward-looking statements and information

address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results

and future events could differ materially from those anticipated in such information. Factors that might cause or

contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form

20-F for the year ended December 31, 2105 and other filings with the Securities and Exchange Commission (the “SEC”).

The forward-looking statements and information contained in this presentation are made as of the date hereof. We do

not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a

result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other

applicable securities laws.

This presentation and any oral statements made in connection with it are for informational purposes only and do not

constitute an offer to buy or sell our securities. For more complete information about us, you should read the information

in this presentation together with our filings with the SEC, which may be accessed at the SEC’s website

(http://www.sec.gov).

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COMPANY HIGHLIGHTS EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

►Competitive total daily operational costs to peer group

►Moderate capitalization with low cost, long-lived bank debt

►Strong management team with 100+ years of combined industry and capital

markets experience

►Founder/CEO has proven track record and is a substantial shareholder

►Board Members consist of prominent industry figures and/or with significant

experience

►Focus on modern medium range (“MR”) product tankers with “eco” features

►Young tanker fleet of 6 IMO-certified vessels with weighted average age of 5.7

years (dwt)

►Management may pursue a sale or other strategy relating to the small tankers

►Potential for an additional MR to be acquired

►Long-standing relationships with reputable, first-class customers worldwide

►As of December 1, 2016, 26% of remaining available chartering days in 2016

covered

►Positioned to capitalize when spot rates improve

Attractive, Modern

Fleet

Reputable Customer

Base & Diversified

Chartering Strategy

Competitive Cost

Structure & Solid

Balance Sheet

Experienced,

Incentivized

Management

& Board

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►Expand fleet by targeting balanced capital structure of debt and equity

►Maintain commercial banking and expand capital markets relationships

►Meet charterers’ preference for modern tankers, which offer more

operating reliability and efficiency

►Maintain high standards to ensure high level of safety, customer service and

support, while continuing ship level financial discipline

►Focus on acquisition of IMO II and III class product tankers of eight years of

age or less built in Tier 1 Asian shipyards

►Potential acquisition opportunity of one MR tankers owned / controlled by

affiliates of our CEO

►Employ vessels primarily through time charters (with and without profit share)

and on the spot market

►Diversify charters by customer and staggered duration

►Position employment to capture upside during periods of market strength

Grow the Fleet

Opportunistically

Utilize Portfolio

Approach to

Commercial

Management

Maintain Financial

Flexibility

Focus on the Needs

of our Customers

COMPANY STRATEGY QUALITY, GROWTH, SERVICE & FLEXIBILITY

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FLEET & EMPLOYMENT OVERVIEW POSITIONED FOR UPSIDE OPPORTUNITIES

Mixed chartering strategy provides stable, visible cash flows from time charters and upside opportunities through

spot trading when rates improve

Vessel Shipyard Vessel

Type Size (dwt) Year Built

Type of

Charter

Anticipated

Redelivery Date (1)

Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time Dec. 2016

Pyxis Theta SPP / S.Korea MR 51,795 2013 Time Dec. 2016

Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot Dec. 2016

Pyxis Delta Hyundai / S.Korea MR 46,616 2006 DD N/A

Northsea Alpha (2) Kejin / China Small Tanker 8,615 2010 Idle N/A

Northsea Beta (2) Kejin / China Small Tanker 8,647 2010 Spot Dec. 2016

Fleet Details

Fleet Employment Overview

(1) These tables are dated as of December 1, 2016 and show gross rates and do not reflect commissions payable.

(2) Management may pursue a sale or other strategy relating to the small tankers

As of December 1, 2016, 26% of anticipated available days for the remainder of 2016 are fixed.

Vessel 2016 2017

Pyxis Epsilon $16,575 / Day

Pyxis Theta $14,700 / Day

Pyxis Malou N/A

Pyxis Delta N/A

Northsea Alpha N/A

Northsea Beta N/A

Fixed Employment Charterers Optional Period Open Days

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SHIPYARDS BANKS

STRONG RELATIONSHIPS QUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS ATTRACTIVE LENDING TERMS

CUSTOMERS

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SENIOR MANAGEMENT EXPERIENCED TEAM WITH DECADES OF EXPERIENCE

► Joined Pyxis affiliates in 2013; 18+ years experience in strategic corporate shipping transactions

► Previous 5 years securities and M&A partner at Watson Farley & Williams with particular focus in

shipping industry

► Advised on complex international corporate shipping transactions in New York offices of Orrick,

Herrington & Sutcliffe LLP and Healy & Baillie, LLP and in New York and London offices of Weil, Gotshal

& Manges LLP since 1997

► Former member of Board of Governors & Vice President of the Connecticut Maritime Association

► Joined Pyxis affiliates in 2008; 24+ years of experience in the shipping industry

► Co-founder of Navbulk Shipping S.A., a start-up dry bulk company

► 5 years as Financial Director of Neptune Lines, a car carrier company

► 16 years in various financial and operational positions for other ship owning and services companies

► 25+ years of experience in owning, operating and managing within various shipping sectors,

including product, dry bulk, chemical, as well as salvage and towage

► Founder of Pyxis Tankers in 2015 and Pyxis Maritime Corp. in 2007

► For the last 15 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A., an Athens-

based dry bulk owner-operator established in 1968

► Joined Pyxis affiliates in 2015; 35 years of commercial, investment and merchant banking experience

► Previous investment banking positions include Nordea Markets (Oslo & NY)–Global Sector Head-

Shipping, and Oppenheimer (NY)–Head of Energy & Transportation

Antonios “Tony”

Backos

SVP for Corporate

Development,

General Counsel &

Secretary

Konstantinos

“Kostas” Lytras

Chief Operating

Officer

Valentios “Eddie”

Valentis

Chairman & CEO

Henry Williams

CFO & Treasurer

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PYXIS ORGANIZATIONAL STRUCTURE LEAN, EFFICIENT ORGANIZATIONAL STRUCTURE

Administrative, Commercial &

Ship Management Services (1)

Administrative & Ship

Management Fees

(1) As an affiliate, provides the commercial management for the fleet and supervises the crewing and technical management performed by ITM for all our vessels

(2) Provides technical management for all our vessels

Technical

Management (2)

Quality, Cost Effective Ship Management ►Streamlined structure minimizes costs and allows management to focus on creating

long term shareholder value

►Very competitive ship management fees @ $750/day/vessel provide safe and efficient

operating results compared to peers

MARKET OVERVIEW PRODUCT TANKER INDUSTRY

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PRODUCT MARKETS OVERVIEW REFINED PRODUCTS OVERVIEW

Source: Drewry

Bitumen

Fuel Oil

Cycle Oils

Diesel/Gasoil

Kerosene

Gasolines

Clean Condensates

Naphthas

Dirty

Products

Clean

Products

Veg

Oils/Chemicals

Crude

Most products tankers can switch

between clean and dirty products

when the tanks are carefully cleaned.

Gasoil is a good clean up cargo when

switching from dirty to clean products

More sophisticated product tankers

work at this end of the market, some

with the ability to carry products and

certain chemicals

Crude tankers carry only crude oil and

fuel oils

Non-oil substances now covered by

revised IBC Code. To carry chemicals,

an IMO Certificate of Fitness is

required

Refined Products

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PRODUCT MARKETS OVERVIEW PRODUCT TANKER VESSEL OVERVIEW

Sources: * Drewry

Class of Tanker Cargo Capacity (Dwt) Typical Use

Long Range 2 (LR2) 80,000 +

Short- to medium-haul refined petroleum products

transportations from the North Sea or West Africa to Europe or

the East Coast of the United States, from the Middle East Gulf to

the Pacific Rim.

Long Range 1 (LR1) 55,000 - 79,999Short- to medium-haul crude oil and refined petroleum products

transportations worldwide, mostly on regional trade routes.

Medium Range 2 (MR2) 37,000-54,999

Medium Range 1 (MR1) 25,000-36,999

Small 1,000 - 24,999Short-haul of mostly refined petroleum products worldwide,

usually on local or regional trade routes.

Flexible vessels involved in medium-haul petroleum products

trades both in the Atlantic Basin and the growing intra-

Asian/Middle East/ISC trades. MRs are the work horses of the

product trades.

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MR2 PRODUCT TANKER MARKET UPDATE SUMMARY

Stabilizing chartering market

► Spot rates have substantially declined since peak of Fall, 2015

► One year time charter rates down to ~$12,000/d since beginning of year, well below

last 10 year high of ~ $26,800/d

► Major reasons: higher inventories of refined products worldwide, lack of arbitrage

opportunities and new tonnage additions

► Charter rates just started to rebound due to seasonal factors in northern hemisphere

– demand for heating oil and possible port delays

► Fundamental long-term demand growth of 3-4%/yr. led by increasing consumption

of refined products and ton-mile expansion from changing refinery landscape

Declining newbuild order book

► MR2 order book – lowest level in 20+ years; substantially delivered by the end of 2017

► No material new ordering of product tankers; numerous problems facing shipyards

► Access to capital continues to be very challenging; difficulties continue for mixed

fleet owners

Historically low MR2 asset values create attractive entry point ($ millions):

Type Recent Broker Indications Avg. 2006-16*

New Build (del. ‘18) $32 $39.0

5 yr. old 22 31.9

* Source: Drewry – October 31, 2016, excludes Jones Act vessels

PYXIS TANKERS FINANCIAL SUMMARY – Q3 2016

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UNAUDITED FINANCIAL HIGHLIGHTS THREE MONTHS ENDED SEPTEMBER 30, 2015 & 2016

Three Months ended

September 30, 2015

September 30, 2016

In ‘000 USD except for daily TCE rates

Time / spot charter revenue mix 85% / 15% 64% / 36%

Voyage revenues $8,239 $7,197

Voyage related costs and commissions (832) (2,234)

Time charter equivalent revenues*

$ 7,407 $ 4,963

Total operating days

548 477

Daily time charter equivalent rate*

$ 13,514 $ 10,406

Fleet Utilization 99.3% 86.4%

* Subject to rounding; Please see Exhibit I – Non-GAAP Measures and Definitions

Remaining time

charters mitigated

recent poor spot

environment

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UNAUDITED INCOME STATEMENT THREE MONTHS ENDED SEPTEMBER 30, 2015 & 2016

* Please see Exhibit I – Non-GAAP Measures and Definitions

Disciplined fixed

cost structure

creates operating

leverage when

charter rates

improve

Three Months ended

September 30, 2015

September 30, 2016

In ‘000 USD except per share data

Voyage revenues $8,239 $7,197

Expenses:

Voyage related costs and commissions (832) (2,234)

Vessel operating expenses (3,266) (3,211)

General & administrative expenses (442) (581)

Management fees, related parties (151) (169)

Management fees, other (263) (252)

Amortization of special survey costs (63) (61)

Depreciation (1,405) (1,449)

Operating income / (loss) 1,817 (760)

Other expenses:

Interest and finance costs, net (558) (703)

Total other expenses, net (558) (703)

Net income / (loss) $1,259 ($1,463)

Earnings / (loss) per share (basic & diluted) $0.07 ($0.08)

EBITDA* $3,285 $750

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(amounts in $) Three Months Ended

September 30, Nine Months Ended

September 30,

2015 2016 2015 2016

Eco-Efficient MR2: (2 units)

Average TCE * 15,727 14,830 15,606 15,442

Opex * 6,078 5,624 6,658 5,798

Utilization % 100.0% 96.2% 99.2% 98.5%

Eco-Modified MR2: (1 unit)

TCE 14,829 4,847 18,102 12,447

Opex 6,277 6,199 6,539 6,484

Utilization % 95.7% 85.9% 97.4% 93.4%

Standard MR2: (1 unit)

TCE 19,412 11,540 16,642 16,291

Opex 7,196 6,635 6,388 6,862

Utilization % 100.0% 79.3% 100.0% 92.7%

Small Tankers: (2 units)

Average TCE 7,722 7,523 7,432 8,271

Opex 4,933 5.412 5,454 5,365

Utilization % 100.0% 80.4% 99.0% 87.4%

Fleet: (6 units)

TCE 13,514 10,406 13,599 12,835

Opex 5,916 5,818 6,188 5,945

Utilization % 99.3% 86.4% 99.0% 93.0%

RECENT DAILY FLEET DATA THREE & NINE MONTHS ENDED SEPTEMBER 30, 2015 and 2016

* Please see Exhibit I – Non-GAAP Measures and Definitions

Relatively low

vessel opex

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TOTAL DAILY OPERATIONAL COSTS/ECO-VESSELS THREE MONTHS ENDED SEPTEMBER 30, 2016

Eco

Three Months ended September 30, 2016 Modified Efficient

(amounts in $/day)

Opex* $6,199 $5,624

Technical & commercial management fees 757 757

G&A expenses 1,053 1,053

Total daily operational costs per vessel $8,009 $7,434

* Please see Exhibit I - Non-GAAP Measures and Definitions

Our Eco MR2 total

daily operational

costs are very

competitive

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CAPITALIZATION AT SEPTEMBER 30, 2016

At September 30, 2016

In ‘000 USD

Cash and cash equivalents, including restricted cash $ 6,034

Bank debt, net of deferred financing fees 74,902

Promissory note 2,500

Total debt $ 77,402

Stockholders' equity 54,585

Total capitalization $ 131,987

Net debt $ 71,368

Total debt / total capitalization 58.6%

Net debt / total capitalization 54.1%

3.24% weighted average interest rate of total debt for nine months ended September 30, 2016

Moderate

leverage at

low interest costs

No balloon

payments until

2018

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MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS

►The shareholder base as of December 1, 2016 was:

Maritime Investors (affiliate of our CEO) 17,002,445 (93.0% of outstanding)

Public 1,275,448 (7.0%)

Total Shares Outstanding 18,277,893 (100%)

► Our common shares are listed on NASDAQ Capital Markets under trading symbol “PXS”

►Our Founder/CEO has substantial shareholdings and his interests are aligned with our

other shareholders

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COMPANY HIGHLIGHTS EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

Competitive Cost Structure & Solid Balance Sheet

Experienced, Incentivized Management & Board

Attractive, Modern Fleet Including “Eco” Vessels

Reputable Customer Base & Diversified Chartering Strategy

Long-term Industry Fundamentals Continue to Look

Favorable

NON-GAAP MEASURES AND DEFINITIONS EXHIBIT I

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EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

(in thousands of U.S. Dollars)

Three months ended September 30,

2015 2016

Reconciliation of Net income to EBITDA

Net income / (loss) $ 1,259 $ (1,463)

Depreciation 1,405 1,449

Amortization of special survey costs 63 61

Interest and finance costs, net 558 703

EBITDA $ 3,285 $ 750

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EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

EBITDA represents the sum of net income, interest and finance costs, depreciation and amortization, and, if any, interest taxes

during a period. EBITDA is not a recognized measurement under U.S. GAAP. EBITDA is presented as we believe that it provides

investors with a means of evaluating and understanding how our management evaluates operating performance. This non-

GAAP measure should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in

accordance with U.S. GAAP. In addition, this non-GAAP measure does not have a standardized meaning, and is therefore,

unlikely to be comparable to similar measures presented by other companies.

Daily time charter equivalent (“TCE”) is a standard shipping industry performance measure of the average daily revenue

performance of a vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because

we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix

of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between

the periods. Our management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We

believe that our method of calculating TCE is consistent with industry standards and is determined by dividing voyage

revenues after deducting voyage expenses, including commissions by operating days for the relevant period. Voyage

expenses primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which

would otherwise be paid by the charterer under a time charter contract.

Vessel operating expenses per day (“Opex”) are our vessel operating expenses for a vessel, which consist primarily of crew

wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs

and maintenance, divided by the ownership days in the applicable period.

We calculate fleet utilization by dividing the number of operating days during a period by the number of available days

during the same period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable

employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled

repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning.

Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-

hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. Available days are

the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled

repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate

number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys.

Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet.

Continued

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CONTACT

Pyxis Tankers Inc.

K.Karamanli 59

Maroussi 15125, Greece

Email: info@pyxistankers.com

www.pyxistankers.com

Henry Williams

CFO & Treasurer

Phone: +1 516 455 0106/ +30 210 638 0200

Email: hwilliams@pyxistankers.com

Antonios “Tony” Backos

SVP for Corporate Development, General Counsel and Secretary

Phone: +30 210 638 0180

Email: abackos@pyxistankers.com